The German fashion house Hugo Boss is finally leaving Russia. His business will be transferred to Stockmann JSC

The fashion house Hugo Boss decided to sell its business in Russia to the wholesale partner of Stockmann JSC, Viktor Yevtukhov, deputy head of the Ministry of Industry and Trade, told Interfax. Thus, the Hugo Boss will finally leave Russia a little more than two years after the suspension of its business in the Russian Federation.

Hugo Boss, like many other foreign firms, suspended retail activities in Russia shortly after Moscow began the invasion of Ukraine in February 2022. The company also stopped its activities in the segment of e -commerce in the Russian market and stopped giving advertising.

The subcommission of the Government of Russia for the sale of foreign assets approved an agreement. A condition for the preservation of all jobs was set in front of the fashion house.

The financial terms of the contract were not disclosed. It is known that the Russian authorities require foreign companies to sell assets with a discount of at least 50%. It is expected that the transaction, which, according to representatives of the German company, is subject to approval of the relevant European body, will be completed in the third quarter of this year.

Earlier, the German company KNAUF, the world's largest manufacturer of building materials, reported on the intention to transfer its Russian business to local management. The company has been working in Russia for more than 30 years.